“Creating Value” Please respond to the following:
- Reflect on a recent purchase you have made.
- Argue why the product was worth the price you paid. Indicate whether the product has monetary value and/or psychological value, and the influence these value(s) had on your purchasing decision. Create a counter argument for someone who believes the price does not reflect the value of the product.
- Use the Internet and/or Strayer Library to research how this company divides its market into segments. Suggest two ways in which the company could maximize profits.
RESPOND TO THIS POST AS WELL:
- Jackson RE: Week 2 Discussion 1
I recently purchased an Officejet Pro printer from Staples. The original price was $150 but I ended up getting it for $89.99! I was so happy when the cashier rang me up I couldn’t believe it. As far as choosing between monetary and psychological value I believe that purchase was both. The price does reflect the value of the product because I got $150 printer for $89. It is an all-in-one printer that can print, fax, and copy. This was the best priced printer out there at the time. Customer segmentation is when companies want to reach out to Target markets. A couple different ways that HP uses to sell to it’s target market. Social class and lifestyle are two of the variables Marketing segmentation. In different areas HP sells different products to cater to its target market.
I believe that price does reflect the value of this product. HP has also raised its game like Dell when it comes to innovating and introducing newer laptops with enhanced features. Nevertheless, more recent HP laptops continue to be equipped with enhanced features. Although not as innovative as Dell portable computing products, HP laptops are still up to the mark by today’s standards. HP goes the extra mile to make sure that their customer support continues to be a valuable benefit for their users. Aside from phone assistance, HP provides support services through social media networks and their official YouTube tutorials.